Success Stories | Technology

How finance operations collected millions in unbilled services using business process insights

Business Issue

Our client, a CFO at a high-growth SaaS company, who was new to the role soon found himself in a pickle. The existing billing system was too basic to bill their biggest customers the correct line-item price. Given the range of services these high-value customers were receiving, the billing system couldn’t keep up. It kept defaulting to a lower across-the-board price. Needless to say, this was costing the company millions of dollars each year.

In addition, the lumbering billing process slowed down the whole team. Bills weren’t going out until three weeks after the close of a month, putting a squeeze on cash flow. The available financial data wasn’t being fully utilized to drive strategic business decisions. An enterprise software solution had been purchased to address these issues, but it was 18 months from full deployment. Our client couldn’t wait.

What We Did

The client had us hit the ground running. Within six weeks, we built a billing model for accurate, customized line-item billing, using an off-the-shelf software solution that the client already owned. This allowed our client to drive change, not IT.

Escalent also took over the billing process from the CFO’s overworked team. Soon they had bills going out the door within five days before the end of each month, helping to shore up the cash crunch. Finally, Escalent worked with the client to implement and manage a cloud-based FP&A platform. This enabled real-time insights into the company’s financial performance and scenario modeling to support long-term planning.

Result

Using an off-the-shelf software solution and some business process ingenuity, the client increased billing accuracy to a steady 100% while reducing the time to send out monthly invoices by 75%. Escalent helps FinOps leaders make data-driven decisions.

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